Section 58-5-81 - Quorum of directors during national emergency--Filling vacancies in board

58-5-81. Quorum of directors during national emergency--Filling vacancies in board.In the event that the board of directors of a domestic insurer has not adopted emergency bylaws, the following provisions shall become effective upon the occurrence of such a national emergency:(1)Three directors shall constitute a quorum for the transaction of business at all meetings of the board; and(2)Any vacancy in the board may be filled by a majority of the remaining directors, though less than a quorum, or by a sole remaining director. Source: SL 1966, ch 111, ch 16, §43 (3).